683 episodes

The Dr. Friday Tax Tips - One Minute Moment - is a collection of one minute tax tips designed to help business owners, individuals, families, entrepreneurs, and anyone who pays taxes to the IRS do so correctly while saving as much as their hard earned money as possible. If it has to do with taxes and/or the IRS, you will find it here!

Dr. Friday is an IRS Enrolled Agent who specializes in Taxes, Bookkeeping, Payroll, Public Speaking events, and more. Dr. Friday Tax and Financial Firm, Inc. is a full service financial firm that helps deal with the Internal Revenue Service on behalf of our clients so they do not have to.

To learn more, visit our website at https://drfriday.com, e-mail Dr. Friday at friday@drfriday.com, or call (615) 367-0819 today!

Dr. Friday Tax Tips Dr. Friday Tax & Financial Firm

    • Business
    • 5.0 • 1 Rating

The Dr. Friday Tax Tips - One Minute Moment - is a collection of one minute tax tips designed to help business owners, individuals, families, entrepreneurs, and anyone who pays taxes to the IRS do so correctly while saving as much as their hard earned money as possible. If it has to do with taxes and/or the IRS, you will find it here!

Dr. Friday is an IRS Enrolled Agent who specializes in Taxes, Bookkeeping, Payroll, Public Speaking events, and more. Dr. Friday Tax and Financial Firm, Inc. is a full service financial firm that helps deal with the Internal Revenue Service on behalf of our clients so they do not have to.

To learn more, visit our website at https://drfriday.com, e-mail Dr. Friday at friday@drfriday.com, or call (615) 367-0819 today!

    Single Member LLCs: Navigating Taxes and Compliance

    Single Member LLCs: Navigating Taxes and Compliance

    Single member LLCs, often synonymous with small businesses, require careful attention to tax obligations and compliance. While excise tax may not apply, self-employment tax is a crucial consideration. Failing to file annual reports, maintain business licenses, and stay current with franchise and excise (F&E) requirements can lead to painful penalties. Dr. Friday emphasizes the importance of setting up an account on TNTAP to ensure compliance and avoid potential pitfalls.

    Transcript

    G'day, I'm Dr. Friday, president of Dr. Friday's Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment.

    Single member LLCs. For most of us that really just means a small business, a Schedule C on your 1040. And then you also have what's called franchise excise in the state of Tennessee. Now you don't pay the excise tax but you do actually have to pay self-employment tax. Understanding that you have to file it because that's what happens with many people. They get somehow, they go on to Secretary of State, they set themselves up in an LLC, they forget to file the annual reports which is nothing to do with taxes, along with they forget their business license, their F&E. These are all very important and the penalties are painful. So go on to TNTAP, set up an account so you stay current.

    You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 right here on 99.7 WTN.

    • 1 min
    Mortgage Interest Deduction: Understanding the Tax Implications

    Mortgage Interest Deduction: Understanding the Tax Implications

    In this one-minute moment, Dr. Friday discusses the mortgage interest deduction and its impact on tax savings. She explains that unless the mortgage interest, property taxes, and sales tax exceed the standard deduction, purchasing a new home may not result in significant tax savings. Additionally, she highlights that for homes purchased for more than $750,000, the full mortgage interest deduction may not be available. Dr. Friday emphasizes the importance of understanding tax law to maximize tax savings.

    Transcript:

    G'day, I'm Dr. Friday, president of Dr. Friday's Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment.

    Mortgage interest deduction. And again, I understand that many of you are not itemizing, therefore buying a new home, getting a mortgage, because I have people who come in and say, "Oh, I need you to do my taxes this year because I purchased a new home." So right now, unless your mortgage interest exceeds the standard deduction, along with your property taxes and your sales tax, you know, you're not probably going to save a dollar by purchasing a new home. But if you purchase the home for more than $750,000, you will also not be able to take 100% of the mortgage interest. Understanding how tax law works is how I can help you save tax dollars.

    You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 right here on 99.7 WTN.

    • 1 min
    Maximize Charitable Deductions: Appraisals for Non-Cash Donations Over $2,500

    Maximize Charitable Deductions: Appraisals for Non-Cash Donations Over $2,500

    When it comes to charitable deductions, cash donations up to 60% of your income are straightforward. However, for non-cash donations like stocks, art, or furniture valued over $2,500, an appraisal is crucial. Dr. Friday shares a cautionary tale of a client who donated inherited items without a proper appraisal, leading the IRS to deny the deduction despite photographic evidence. Ensuring you have the right documentation, including a qualified appraisal for high-value non-cash donations, can save you significant tax dollars.

    Transcript:

    G'day, I'm Dr. Friday, president of Dr. Friday's Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment.

    Charitable deductions. We usually talk about charitable deductions and most of the time we're talking cash, right? If you give cash up to 60% of your income, it's a straight tax deduction. But how about if you give stock, precious art, furniture, all of that. That is also, but here's the catch. If you're giving more than $2,500, then you need to have an appraisal. Had a gentleman that inherited some things and he gave it to donation and the IRS came back and said, wait, you didn't have an appraisal, so we're not giving. He had pictures, he had documents, he did not have a direct appraisal. So making sure you have the right documentation can save you tax dollars.

    You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 right here on 99.7 WTN.

    • 1 min
    Understanding the Child Dependent Care Credit

    Understanding the Child Dependent Care Credit

    In this episode, Dr. Friday explains the Child Dependent Care Credit, which allows you to claim up to $3,000 in expenses for a single child and a maximum of $6,000 for two or more children. However, if your employer provides a child care benefit program, you cannot claim both the credit and the employer benefit. If your employer's benefit equals or exceeds $6,000, you will not qualify for the additional deduction. Dr. Friday emphasizes the importance of understanding tax laws and encourages listeners to seek professional help if needed.

    Transcript:

    G'day, I'm Dr. Friday, president of Dr. Friday's Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment.

    Child Dependent Care Credit. If your employer has a program where they allow you or they pay you so much money for that benefit, remember if you're out paying money you cannot take both. You can take up to, so you can claim up to $3,000 in expenses for a single child. The maximum is $6,000 for two children and if you have four or five you still only get $6,000. And if your employer is giving you at least $6,000 in that care then you will not qualify for this additional deduction. Understanding your taxes is what I do. If you need help you need to call me 615-367-0819.

    You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 right here on 99.7 WTN.

    • 1 min
    Maximize Your Education Tax Credits: Lifetime Learning Credit Explained

    Maximize Your Education Tax Credits: Lifetime Learning Credit Explained

    In this episode, Dr. Friday provides valuable insights into the Lifetime Learning Credit, a tax credit designed to help offset the costs of higher education. He explains the eligibility criteria, including the income thresholds for single and married filers, and clarifies which expenses qualify for the credit. With his expertise, listeners can better understand how to take advantage of this tax-saving opportunity and potentially receive up to $2,000 in credits for qualifying educational expenses.

    Transcript:

    G'day, I'm Dr. Friday, president of Dr. Friday's Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment.

    You have a child in school and you're wondering, "Can I get any of that lifetime learning credit?" And the answer is probably, let's see, it's 20% of the first $10,000 up to $2,000 credit, and then you have an income limitation. It's $75,000 up to $90,000 for a single person, so if you're making more than $90,000, you're not going to get any of the credit. For a married couple, $155,000 up to $185,000. Again, if you're making more than $185,000, you're not going to get any of the credit. And this does not include, you cannot include in that money, lifestyle, so living expenses, transportation, they're not eligible. Need help? Call me.

    You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 right here on 99.7 WTN.

    • 1 min
    Navigating 1099-K for Personal Item Sales: IRS Guidelines Explained

    Navigating 1099-K for Personal Item Sales: IRS Guidelines Explained

    In this episode of 'Dr. Friday Tax Tips - One Minute Moment,' Dr. Friday, of Dr. Friday's Tax and Financial Firm, offers valuable insights on handling 1099-K forms for individuals selling personal items. The IRS allows the declaration of these sales on a Schedule 1, letting sellers write off the sold items up to the amount listed on the 1099-K. Dr. Friday cautions, however, that this can get tricky for small business owners who might mix personal sales with business transactions. She warns that the IRS could request receipts, especially for significant sales volumes, and advises sellers to maintain clear records to differentiate personal sales from business income, thereby avoiding potential audit triggers.

    Transcript:

    G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.

    What do you do if you do receive a 1099 K but it really is just selling your household goods? Well, the IRS has actually given us some information on that. They said we can file it on a Schedule 1, and you can write off those goods up to the dollar amount of the 1099 K. Here's the catch, guys: if you're running a small business and you're saying, "Hey, I've got a bunch of old Turner chairs and lamps and all this, and you're selling them on the internet," the IRS could ask you for receipts. This may have been grandma's stuff in the attic, so be careful when you're looking at how much money you're selling on the internet because it may be a way of catching you in an audit.

    You can catch the Dr. Friday call and show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

    • 1 min

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